EMDX Integrates Chainlink Price Feeds for Secure Crypto Perpetual Swaps
We’re excited to announce that EMDX — the novel DeFi DEX — has integrated Chainlink Price Feeds on Avalanche mainnet. By integrating the industry-leading decentralized oracle network, EMDX has access to high-quality, tamper-proof price feeds needed to help ensure crypto perpetual swaps are using institutional-grade market data to determine contract outcomes.
Our initial integration involves the use of the following Chainlink Price Feeds: BTC/USDC, AVAX/USDC, and ETH/USDC. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
EMDX’s goals consist of bringing synthetic crypto assets to the Web3 ecosystem and building the next generation of innovative DeFi products, while maintaining the core benefits that DEXs offer, including self-custody of funds, ready-to-use services, and near-instantaneous asset flows.
In order to help secure our perpetual swaps, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
“We’re excited to integrate the industry-leading Chainlink Price Feeds on EMDX, helping secure our perpetual swaps with high-quality, reliable, and decentralized market data.” — Bernardo Corti, founder of EMDX.
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About EMDX
EMDX is a decentralized derivative protocol with an in-house spot market, expanding risk hedging tools for traditional assets into the DeFi environment and allowing token listing “on demand” with “liquidity as a service” from the start. EMDX has been available on the Avalanche mainnet since June 20th, 2022.
